The British pound continues to trade towards the key 1.2700 level against the US dollar, with the sentiment towards sterling remaining weak after the United Kingdom economy released more soft inflation data this morning. The GBP/USD is likely to weaken further if traders can hold price below the 1.2722 support level, with sellers targeting the 1.2650 level.
The GBPUSD pair is strongly bearish while trading below the 1.2722 level, key intraday support remains at the 1.2650 and 1.2610 levels.
If the GBPUSD pair moves above the 1.2722 level, key resistance is located at the 1.2740 and 1.2775 levels.
